(1987) Optimal Taxation and Employment Policy with a centralized Wage Setting. Oxford Economic papers 39: 799-812
(1986) Global Stability and the Choice of Policy Targets under Rational Expectations. Economics Letters 22: 329-332.
Abstract. It is shown that if the supply of capital is properly incorporated in a macromodel with rational expectations, the government cannot peg its expenditures wholly in real terms since, otherwise, the economy will be globally unstable.